Banks play the critical role by providing banking services essential to the functioning of an economy. The banking service includes safeguarding, transferring, lending, and exchanging money in various forms, along with evaluating creditworthiness of user/customers. Banks face a number of challenges in providing banking services to their customers. One of those challenges is providing fast, personal, and economically efficient service to their customers. Traditionally, the customer needs to approach the teller windows for availing the banking service. However in the traditional process, the customer needs to spend more time in the bank to perform the transaction because of the peaks and valleys of customer demand throughout a day in the banks. Hence the customer needs to wait in long queue to avail the banking service. Often, the customer may not know or be given an estimate about how long the customer may need to wait before being served. Furthermore, the customer may need to remain in the vicinity of the teller to secure a place in the queue. Waiting in queues may be an unpleasant experience for the customer.
The traditional banking system also takes much time to serve a single customer. Hence, the teller who is sitting in the teller window needs to enter the details of the transaction into the banking system by reading the details entered in the challan by the customer. This increases the processing time of the transaction. Further, the teller may make mistake while entering the details into the banking system.
To overcome this issue, the banks should incorporate more man power but that increases the staffing costs of the banks. In an attempt to reduce staffing costs, banks turned to installing automated teller machines (ATM), both at the bank itself as well as in a variety of retail locations. The latest ATM's are capable of addressing a wide variety of banking server such as cash deposit, cheque deposit and the cash withdraw. However, ATM's do not address the desire of many customers to have a personal/human relationship with their banks. Further, the user needs to enter all the details related to the bank transaction every time even he/she needs to perform the same transaction often.
Accordingly there is a need in the art to provide a solution to one or more of above said problems. The present invention solves one or more of these problems in a unique and economical manner.